Definitions for "PROGRESS PAYMENTS"
Periodic payments to a supplier, contractor or subcontractor for work satisfactorily performed to date.
A form of contract financing where payments are made as work progresses.
Payments made periodically throughout the lead time of a purchased product or service. Payments made in advance of delivery or completion for specific reasons. As examples, a progress payment might be made to a supplier to be used to purchase raw materials, or payments might be made at specific intervals during a construction project as parts of the project are completed.